A SURVEY in Malaysia has revealed that more than half of the respondents – or 58% – are actively looking for new jobs within the next 12 months, with career change and salary dissatisfaction being the top reasons for the move.

The 2020 Covid-19 Labour Pulse Survey was commissioned by Randstad, a global recruitment agency, which surveyed 531 locally-based employees between June 26 and July 5.

Of the 58% of respondents who intended to look for new jobs, the survey found that 24% were looking to change their career or industry that they work in, 13% said their skills and experience no longer met their current job requirements while 15% were retrenched.

“The Covid-19 pandemic has seen companies investing in building their digital infrastructure and network, leading to a great number of jobs being digitised or displaced as a result,” said Randstad Malaysia & Singapore managing director Jaya Dass.

“Employees whose job responsibilities have been drastically altered to meet new demands may be motivated to join other companies where their skills and experience are still relevant.

“Some may even switch industries and careers altogether, and will look for job opportunities that are perceived to be more recession-proof or can provide a greater sense of job security, such as in healthcare and technology,” she said, adding that more movements in the job market can be expected.

Respondents also cited salary as a reason to switch jobs, with 26% reported as having to take a pay cut or a pay freeze either indefinitely or temporarily while another 24% said they were dissatisfied with their current salaries.

Dass said cost management measures taken by companies may lead to uncertainty among their workers, pushing them to look for employers that are seen to be more financially stable.

“National lockdowns and slowing international trades and exchanges have severely impacted companies’ financial confidence this year.

“A number of companies have implemented budgeting measures to keep operating costs and overheads low, and are working towards optimising operational efficiency with a leaner workforce.

“These cost management measures may result in uncertainty within the workforce, and employees may feel that the company is not financially stable enough to tide through this pandemic.

“To avoid being a collateral loss, some employees choose to take the risk and join an employer that is seen to be more financially stable as soon as they can,” Dass said.

As a result, a total of 72% of respondents are willing to take on professional contracts or project-based jobs.

“Though contracting jobs are not what Asian talent usually would go for due to its perceived lack of job security and stability, many are starting to see it as a viable option during these trying times.

“Compared to being jobless, contracting jobs may actually provide more job security. Many contractors have also shared that they were able to secure a new contract even before their existing one ends, giving them continued employment,” said Dass.

She said contract roles can also offer mid-career switchers a chance to get their foot in the door to gain relevant skills and experience, especially if they were in an industry or with a company they would like to build their career in.

Those who have been retrenched are encouraged to take contract roles to gain experience and acquire new skills that can help them stay employable.

“These candidates are also more likely to be able to renegotiate their salary once the market recovers, as opposed to those who halted their career development during the pandemic.” – August 5, 2020.